Titomic successfully raises $5.1 million

Cold spray additive manufacturing company Titomic has announced that it has raised $5.1 million through a share placement, including $2.2 million from its existing strategic investor and joint venture partner Repkon.

Titomic Directors Herbert Koeck and Dag Stromme were also significant investors in the round, it said.

Managing Director Koeck told investors on Monday that the new funds would give Titomic “an ability to continue to execute on joint ventures, machine sales, workflow solutions, application development and reseller opportunities.”

He added that Repkon’s “additional strategic investment builds on our strong relationship, with JV and reseller agreements in place, as we move forward with the integration of Titomic’s TKF process and Repkon’s flowforming capabilities for the production and distribution of high-performance barrels in the defence sector.”

The Repkon-Titomic JV is building a gun barrel manufacturing facility in Turkey.

The 16 cent price for the 31.9 million shares represented a 15.1 per cent discount on the five-day volume weighted average price before a November 29 trading halt.

PAC Partners was the lead manager for the round.

Picture: credit Titomic